How Do FHA Escrow Holdbacks Work?

Home-buyers can use an FHA Escrow Holdback to fund repairs required by an FHA appraiser.  FHA Escrow Holdbacks can save Arizona FHA buyers time, energy and money when compared to an FHA 203k loan. What is an FHA Escrow Holdback? An escrow holdback is a process Arizona FHA mortgage lenders use to set money aside for the purpose of completing repairs on a property after the loan funds.  The “Holdback” part refers to the fact that the buyer’s FHA mortgage lender keeps a specific amount of money … [Read more...]

How Long Are FHA Appraisals Good For?

An FHA appraisal is valid and must be used for a period of 120 days.  FHA measures the appraisal validity period from the day that the FHA appraiser inspects the property through the day that the FHA loan being used to buy the property that was appraised is closed.  FHA does technically allow for an appraisal to be extended up to 30 days beyond the 120 day validity period if that appraisal has not been updated per FHA update policy.   More important however is the fact that in this current … [Read more...]